If you’ve been by 37th Street and Lancaster Avenue over the last couple of years, you have definitely noticed that it’s a massive construction zone. uCity Square, a 6.5 million square foot mega development on the site of the old University City High School, is already well underway with multiple buildings currently under construction. Hundreds of apartments, retail spaces, biotech labs, educational facilities, and offices are included in the plan. On top of that, there are other large projects right nearby that have recently been completed or that are under construction.
Today, we bring your attention to a cool triangular parcel just north of uCity Square at 3748-52 Lancaster Avenue that was once home to a bank. Developers are planning a new building with 40 residential units, ground floor commercial space, and 14 bicycle stalls. They are utilizing the green roof bonus and the low income housing bonus, which will allow them to include 13 additional units and build 7 feet higher than the 38.5 foot height limit in CMX-2. So, we imagine this building will rise roughly 45 feet over 4 stories.
We have not gotten ahold of a rendering of the project to date, but look forward to seeing how it will interact with the older buildings on the north side of Lancaster Avenue and uCity Square on the south side of the street.
A zoning permit for the demolition of the old bank building was issued in August. A separate zoning permit for the 40-unit building was issued just last week.
It’s great to see additional residential density added on an under utilized parcel in University City. When all of these residential projects wrap up, we imagine the businesses along and surrounding this section of Lancaster Avenue will see a big increase in revenue.
How do you feel about this project? What kind of business would you like to see open in the commercial space?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property